RBI GK Questions 2026

The committee on comprehensive financial services for small businesses and low-income households, chaired by Nachiket Mor, reported in 2014 and proposed differentiated banking licences; from its work the Reserve Bank issued guidelines for payments banks, which may accept deposits but not lend, and for small finance banks, which lend mainly…

The committee chaired by S. S. Tarapore reported in 1997 and again in 2006 on capital account convertibility, that is the freedom to convert the rupee for capital transactions, and it set out preconditions such as fiscal consolidation, a low rate of inflation, a strengthened banking system and a low…

The Committee on the Financial System of 1991, chaired by M. Narasimham, came at the start of liberalisation and recommended lower statutory liquidity and cash reserve ratios, prudential norms for income recognition and provisioning, the classification of assets as standard, sub-standard, doubtful and loss, a capital adequacy requirement and a…

The Royal Commission on Indian Currency and Finance, known after its chairman as the Hilton Young Commission, reported in 1926 and recommended a central bank for India; the recommendation was carried out by the Reserve Bank of India Act of 1934, and the Reserve Bank began its operations on 1…

Section 29A, inserted by amendment in 2018, lists disqualifications, chiefly for promoters and connected persons whose accounts have been classified as non-performing, for undischarged insolvents and for persons disqualified as directors, so that a defaulting promoter cannot buy the company back cheaply through the very process his default caused.

The Committee of Creditors is made up of the financial creditors of the company, with voting shares in proportion to the debt owed to each, and a resolution plan is approved only when creditors holding at least sixty-six per cent of the voting share vote for it; the same majority…

The Committee on the Financial System of 1991 and the Committee on Banking Sector Reforms of 1998, both under him, recommended prudential norms for income recognition and provisioning, a minimum capital to risk-weighted assets ratio, a lower statutory liquidity ratio and cash reserve ratio, entry for new private banks and…

The Recovery of Debts Due to Banks and Financial Institutions Act of 1993 set up the Debt Recovery Tribunals, with Debt Recovery Appellate Tribunals above them, to take bank recovery suits out of the ordinary civil courts where they had been pending for years.

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act of 2002 lets a secured creditor issue a notice to a defaulting borrower and then take possession of and sell the secured asset without going to court, and it also provides for asset reconstruction companies that buy…

Section 12 of the Code gives the resolution process 180 days from the date of admission, allows the adjudicating authority to extend it once by up to 90 days on a resolution of the Committee of Creditors, and the amendment of 2019 added the outer limit of 330 days, which…

Created under the Code of 2016, it registers and oversees insolvency professionals, insolvency professional agencies and information utilities, and makes the regulations under which the resolution process runs, which makes it both a regulator and a rule-maker.

For companies and limited liability partnerships the application for insolvency is filed before the Tribunal, which admits or rejects it, declares the moratorium and appoints the interim resolution professional; appeals lie to the National Company Law Appellate Tribunal and then to the Supreme Court.

The Code was passed in 2016 on the recommendations of the Bankruptcy Law Reforms Committee and replaced a scatter of older laws, among them the Sick Industrial Companies Act and parts of the Companies Act, with a single time-bound process in which control passes from the defaulting promoter to the…

The classification runs in a sequence: an account that has just become non-performing is sub-standard for the first twelve months, after which it becomes doubtful, and it is called a loss asset when recovery is no longer expected.

Under the Reserve Bank's prudential norms on income recognition and asset classification, an asset stops being a performing asset when interest or an instalment of principal remains overdue for more than ninety days, and the bank must then stop treating the interest as income and start making provisions.

These were left out of the first framework and together they make up nearly twenty-one per cent of the gross value added of services, so bringing them in would lift the coverage of the monthly index to about 78.4 per cent of the gross value added of the whole services…

The initial framework of the index follows nineteen broad service sub-sectors, relying on high-frequency administrative data sources together with data on outward supplies filed under the goods and services tax, which between them account for close to sixty per cent of the gross value added of the services sector.

The Ministry of Statistics and Programme Implementation began a monthly compilation of the Index of Services Production for the formal sector on a trial basis in July 2026, and that is the base year it adopted for the exercise.

Banks were directed to route every new enrolment under the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Pradhan Mantri Suraksha Bima Yojana through it, because the portal is being linked with all banks and insurers, which should improve the quality of data and the ease of day-to-day operation.

The Secretary of the Department of Financial Services urged banks to take part wholeheartedly in the saturation drive running between those two dates and to give greater thrust to serving the weaker sections of society and meeting their banking needs.